It was only in June 2011 that Investors Bank launched its investment program. But it's been tremendously successful so far, largely because of the support and backing of senior management, says Glenn Brodwater, vice president and director of retail investment services.
"The fact that this wasn't an afterthought to look like other banks means that it really wants to be in this business and do it well," Brodwater says. "The investment program has been able to grow in a very positive environment, backed by the culture of the bank, which is all about teamwork and support."
At Investors Bank, the culture is one of sharing and mentoring across business lines, he says.
"It isn't just about retail referring customers to us- it's also about what we can uncover for them and give back to them in terms of loan business, core deposits and so on," he says. Because the bank is relationship-driven as opposed to transaction-driven, it's not always easy finding the right individuals for the team. Many prefer to work independently, but they wouldn't be the right fit for the bank, he says.
To be sure, there are challenges for the young investment program. Consider interest rates. It's a challenge to find products to meet customers' needs, but he's confident that the firm offers the right amount of support and resources to ensure the program's success.
Bank: Investors Bank
TPM: Essex National Securities
Location: Short Hills, N.J.
FAs manager oversees (12/31/12): 12
LBEs manager oversees (12/31/12): 0
Team production 2012: $4.3 million
Team production 2011: $1.5 million
Team AUM (12/2012): $182 million
Team AUM (12/2011): $62 million
Avg. production per rep: $358,000
Years at the bank: 2
Years in the industry: 12
Age of program: 2 years
Sample of products: Fixed annuities, Variable annuities, Fixed income
Do you decide what products are on the shelf? Yes
Related: The Top 20 Program Managers